Limited Liability Company - LLC

Limited Liability Company - LLC Definition

A limited liability company (denoted by L.L.C. or LLC in the US) is a legal form of business company offering limited liability to its owners. It is similar to a corporation, and is often a more flexible form of ownership, especially suitable for smaller companies with restricted numbers of owners. It is often incorrectly called a "limited liability corporation," (instead of company). In fact, an LLC is more a status than it is an entity, as it can be taxed like a partnership or corporation, depending on how its members, partners, or shareholders file its first taxes.